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Spanish (IBEX) Market Analysis & Valuation

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies246
  • 7D-0.2%
  • 3M11.1%
  • 1Y41.3%
  • YTD1.1%

The market has been flat in the last week, however the Energy sector is down 3.7%. More promisingly, the market is up 41% over the past year. Looking forward, earnings are forecast to grow by 6.9% annually.

Trending IndustriesRenewable Energy

Market Valuation and Performance

Has the Spanish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026€1.1t€593.8b€65.4b17.2x17x1.9x
Wed, 17 Dec 2025€1.1t€599.1b€66.1b16.4x16.2x1.8x
Fri, 14 Nov 2025€1.1t€596.4b€65.9b17.2x16x1.8x
Sun, 12 Oct 2025€989.8b€593.1b€65.7b17.5x15.1x1.7x
Tue, 09 Sep 2025€963.9b€592.8b€65.8b18.8x14.7x1.6x
Thu, 07 Aug 2025€936.3b€593.2b€65.7b18.2x14.2x1.6x
Sat, 05 Jul 2025€910.5b€589.3b€64.8b19.2x14.1x1.5x
Mon, 02 Jun 2025€922.4b€589.1b€64.7b19.5x14.3x1.6x
Wed, 30 Apr 2025€880.0b€584.3b€63.5b18.2x13.9x1.5x
Fri, 28 Mar 2025€878.6b€581.5b€62.9b19x14x1.5x
Sun, 23 Feb 2025€857.0b€581.8b€58.5b19.5x14.6x1.5x
Tue, 21 Jan 2025€793.4b€573.7b€57.4b19.1x13.8x1.4x
Thu, 19 Dec 2024€780.3b€573.6b€57.2b19.1x13.6x1.4x
Sat, 16 Nov 2024€785.9b€576.9b€58.3b19.5x13.5x1.4x
Mon, 14 Oct 2024€797.1b€571.9b€56.0b18.8x14.2x1.4x
Wed, 11 Sep 2024€761.5b€570.8b€56.0b19.4x13.6x1.3x
Fri, 09 Aug 2024€723.8b€570.8b€56.0b18.8x12.9x1.3x
Sun, 07 Jul 2024€752.1b€564.8b€53.6b17.6x14x1.3x
Tue, 04 Jun 2024€775.4b€564.6b€53.4b17.6x14.5x1.4x
Thu, 02 May 2024€736.9b€563.6b€53.2b16.2x13.8x1.3x
Sat, 30 Mar 2024€736.1b€560.0b€50.6b16.4x14.6x1.3x
Mon, 26 Feb 2024€682.9b€570.3b€51.9b14.9x13.2x1.2x
Wed, 24 Jan 2024€672.6b€557.6b€53.9b14.8x12.5x1.2x
Fri, 22 Dec 2023€690.2b€557.5b€54.0b15.4x12.8x1.2x
Sun, 19 Nov 2023€665.6b€560.1b€53.5b15x12.5x1.2x
Tue, 17 Oct 2023€639.5b€570.5b€51.4b14.9x12.4x1.1x
Thu, 14 Sep 2023€650.0b€569.4b€51.2b14.9x12.7x1.1x
Sat, 12 Aug 2023€644.6b€569.3b€51.3b15.5x12.6x1.1x
Mon, 10 Jul 2023€640.3b€577.5b€50.9b17.1x12.6x1.1x
Wed, 07 Jun 2023€643.1b€576.1b€50.6b17.4x12.7x1.1x
Fri, 05 May 2023€627.2b€563.6b€50.3b17.1x12.5x1.1x
Sun, 02 Apr 2023€638.8b€560.9b€49.8b17.1x12.8x1.1x
Tue, 28 Feb 2023€640.8b€554.9b€50.4b16.6x12.7x1.2x
Thu, 26 Jan 2023€613.4b€522.8b€42.5b17.8x14.4x1.2x
Price to Earnings Ratio

14.4x


Total Market Cap: €613.4bTotal Earnings: €42.5bTotal Revenue: €522.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 13.8x202420252026
Current Market PE
  • Investors are optimistic on the Spanish market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 17.0x which is higher than its 3-year average PE of 13.8x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 15% per year over the last three years.
  • Revenues for these companies have grown 4.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Spanish Market?

ES Market-0.24%
Industrials1.67%
Financials1.21%
Consumer Staples0.70%
Healthcare0.15%
Real Estate-0.32%
Materials-0.51%
Utilities-0.76%
Tech-1.03%
Consumer Discretionary-2.63%
Telecom-3.14%
Energy-3.67%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 20.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.0%, which is higher than its past year's earnings growth of 0.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 36% per year.
  • In contrast, the Industrials sector is expected to see its earnings decline by 3.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
SAN Banco Santander€10.491.5%
+€2.3b		114.4%PB1.5xFinancials
BBVA Banco Bilbao Vizcaya Argentaria€20.931.1%
+€1.3b		100.8%PB2.1xFinancials
IBE Iberdrola€18.581.0%
+€1.2b		40.4%PE23.3xUtilities
ACS ACS Actividades de Construcción y Servicios€96.003.2%
+€753.9m		96.7%PE28xIndustrials
CABK CaixaBank€10.720.8%
+€597.1m		90.9%PB2xFinancials
See more

Market Insights

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ACS
€96.00
ACS Actividades de Construcción y Servicios
7D
3.2%
1Y
96.7%
SAN
€10.49
Banco Santander
7D
1.5%
1Y
114.4%
IDR
€57.00
Indra Sistemas
7D
-3.2%
1Y
206.6%

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Jan 16
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CABK
€10.72
CaixaBank
7D
0.8%
1Y
90.9%

CABK: Share Buybacks And Steady Earnings Assumptions Will Support Balanced Forward Outlook

Narrative Update The updated analyst price target for CaixaBank edges higher, supported by recent target lifts to €11.55 and €8.75 from research houses, as well as by small adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent research points to a generally constructive stance on CaixaBank, with higher price targets indicating that some analysts see more upside potential than before, even if they differ on how much headroom is left from current levels.
AMS
€60.06
Amadeus IT Group
7D
-6.4%
1Y
-11.5%

AMS: Profitability Execution Will Drive Future Upside After Outperform Upgrade

Analysts have trimmed their fair value estimate for Amadeus IT Group from €77.05 to €76.74, reflecting slightly softer revenue growth assumptions alongside higher profit margin expectations and a lower future P/E. Recent research, including an upgrade to Outperform at €72, reinforces this updated view.
ITX
€55.96
Industria de Diseño Textil
7D
-2.2%
1Y
14.3%

ITX: Product Agility And Rising Cash Generation Will Support Fairly Balanced Outlook

Analysts have nudged their fair value estimate for Industria de Diseño Textil slightly higher to €56.07, citing research that points to solid product appeal, quicker response to fashion trends, potential gross margin outperformance, and rising free cash flow that supports a more moderate valuation against global peers. Analyst Commentary Recent research on Industria de Diseño Textil focuses on how its product offering, speed to market, and cash generation feed directly into expectations for execution quality and valuation support.
AENA
€25.41
Aena S.M.E
7D
0.8%
1Y
27.1%

AENA: Higher P/E Expectations Will Pressure Returns If Traffic Disappoints

Analysts have slightly lifted their price target on Aena S.M.E. to €28.30 from €27.70, citing updated assumptions on the discount rate, growth, margins, and future P/E that they see as better aligned with current conditions. Analyst Commentary While the latest target of €28.30 reflects updated assumptions on valuation inputs such as discount rate, growth, margins, and future P/E, not all commentary around the stock is outright bullish.
FER
€58.22
Ferrovial
7D
1.2%
1Y
43.6%

FER: Raised Price Outlook And Index Addition Will Shape Future Balanced Returns

Analysts have lifted their fair value estimate for Ferrovial to €56.52 from €55.77, along with a higher Street price target to €64 from €56, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E multiples. Analyst Commentary Analysts updating their models on Ferrovial are focusing on how the revised fair value and the higher Street price target line up with their expectations for returns, risk and execution quality.
GRF
€10.60
Grifols
7D
-4.4%
1Y
19.7%
IBE
€18.58
Iberdrola
7D
1.0%
1Y
40.4%

IBE: Power Demand And Green Hydrogen Projects Will Shape Balanced Outlook

Analysts have nudged their price target for Iberdrola slightly higher to €17.39 from €17.32, citing mixed recent views. Some see support from growing electricity demand in the U.S. and UK, while others express caution with targets around €16.20.
BKT
€14.37
Bankinter
7D
2.3%
1Y
73.1%

BKT: Stable Rates And Solid Fundamentals Will Likely Support Fairly Valued Shares

Analysts have nudged our Bankinter fair value estimate higher to €13.92 from €13.81, reflecting slightly adjusted assumptions on discount rate, revenue growth, profit margin and future P/E, in line with the recent series of price target increases from €12.75 to €16 across major banks. Analyst Commentary Recent research suggests a broadly constructive backdrop around Bankinter, with several firms adjusting their price targets higher and one major house upgrading its stance on the shares.
BBVA
€20.93
Banco Bilbao Vizcaya Argentaria
7D
1.1%
1Y
100.8%

BBVA: Growth Markets And AI Partnership Will Support Medium-Term Stability

Analysts have lifted their price target on Banco Bilbao Vizcaya Argentaria to €19.14 from €18.65, reflecting updated assumptions for slightly higher revenue growth, a modestly lower discount rate, and a higher future P/E multiple, consistent with recent upward target revisions from several research firms. Analyst Commentary Street research has recently focused on updated price targets and refreshed coverage for Banco Bilbao Vizcaya Argentaria, giving you a clearer view of how professionals are thinking about valuation, growth potential, and execution risks.
SAB
€3.21
Banco de Sabadell
7D
-3.6%
1Y
50.1%

SAB: Dividend Support Will Struggle To Offset Rising Execution Concerns

The analyst price target for Banco de Sabadell edges higher, with fair value moving from €2.38 to €2.48 as analysts factor in updated discount rates, revised expectations for revenue contraction and margins, and a price-to-earnings ratio closer to recent target moves around €2.80 to €3.50. Analyst Commentary Recent research points to a more balanced, and in some cases cautious, stance on Banco de Sabadell, even as headline price targets cluster between about €2.80 and €3.50.
CLNX
€25.95
Cellnex Telecom
7D
-4.4%
1Y
-19.2%
REP
€15.74
Repsol
7D
-2.8%
1Y
36.8%

REP: Upstream Merger Options And Refining Margin Risks Will Shape Outlook

Analysts have made a very small trim to their fair value estimate for Repsol to about €16.45. Recent Street research highlights a mix of more cautious views on refining margins and interest around potential corporate actions, which supported an increase in one published price target to €16 from €15.
TEF
€3.33
Telefónica
7D
-3.1%
1Y
-13.8%